Blockchain payment company Ripple has announced the acquisition of two additional Money Transmitter Licenses (MTLs) in the USA, one from Latest York and one other from Texas on Monday.
This brings Ripple’s total to over 55 Money Transmitter Licenses across its payments, custody, and stablecoin operations, underscoring the corporate’s robust growth within the regulatory landscape.
Ripple Expands Global Reach
In keeping with recent reports, with these latest licenses, Ripple is now higher positioned to supply its customers with enhanced cross-border payment solutions, enabling the corporate to administer end-to-end transactions effectively.
Joanie Xie, Managing Director of North America at Ripple, highlighted the increasing interest from financial institutions and crypto businesses wanting to leverage the advantages of blockchain technology for faster and more cost-efficient payment processes. She stated:
With years of experience working in each crypto and with financial institutions, Ripple is well-positioned to support firms which are able to make the most of the present landscape.
Ripple’s achievements extend beyond US borders, as the corporate holds a Major Payment Institution License in Singapore, Virtual Asset Service Provider registrations in Ireland and the Cayman Islands, and an in-principal license from Dubai’s Financial Services Authority (DFSA).
Ramps Up Domestic Hiring Amid Crypto-Friendly Regulations
To this point, Ripple has processed roughly $70 billion in payment volume on its blockchain-based ledger, reflecting its growing influence in the worldwide financial ecosystem. The corporate has also seen a doubling of North American customers inside its payment network over the past yr.
Despite facing regulatory challenges, including a protracted legal battle with the US Securities and Exchange Commission (SEC) regarding the status of its XRP token, Ripple stays optimistic about its future within the US.
The SEC alleged that XRP constituted an unregistered security; nonetheless, a court ruling determined that XRP offerings to retail customers were legitimate, although Ripple was fined $125 million for violations concerning institutional offerings.
The recent shift within the political landscape, particularly with the Trump administration’s appointment of crypto-friendly regulators, has fostered an optimistic outlook for the crypto industry within the US, capitalizing on this favorable environment by ramping up its domestic presence.
The corporate has reported that roughly 75 percent of its open positions are actually based within the US, with a notable increase in domestic hiring in comparison with 2023.
Despite these advances, XRP consolidates at $3, failing to interrupt above its current record high of $3.40, which was set over seven years ago. Nonetheless, the altcoin still holds onto substantial gains of 40% and 470% on a monthly and year-to-date basis, respectively.
Featured image from Shutterstock, chart from TradingView.com